With a Health FSA (also know as a Medical Expense Reimbursement account), you can set aside a portion of your pay on a pre-tax basis for you and your eligible dependents. You can then be reimbursed for qualified out-of-pocket medical expenses such as co-pays, deductibles and prescriptions, dental, eyeglasses, and many more. View a list of eligible expenses to find out if your purchase qualifies under your Health FSA.
Substantial Tax Savings
Since a Health FSA reimburses you with money deducted pre-tax, you save 30%-40% on your dollar (depending on your tax bracket). For example, to take home $400 of post-tax money you would need to earn about $520. But by using a Health FSA account, you only need to make $400.
Deciding How Much to Contribute
First, you need to determine how much you plan on spending in the upcoming plan year on eligible expenses. Your entire annual election will be available at the beginning of your plan year, enabling you to be reimbursed for purchases right away, allowing you to budget for large expenses over the entire year. This is known as the Uniform Coverage Rule. However, it’s important to be conservative when estimating how much to contribute to your Health FSA, as you will forfeit any unused funds that exceed $500 at the end of your plan year — this is known as the “Use or lose ” rule. Any unspent funds under $500 will carry forward to the next plan year and will be available to reimburse expenses.*
Adoption of this provision is determined by your employer. Please refer to your plan documents and/or your employer.
How Reimbursement Works
- Use your Benefits Card as a debit card purchase wherever MasterCard® is accepted. The money is automatically transferred from your Health FSA account to the merchant.
- QuikClaim Mobile Feature- Submit a claim and supporting documentation of your eligible expense directly from your smartphone! Go to www.padmin.com on your smartphone and log into your account.
- Online Claim Upload- After making a purchase, log in to your My Benefits account and fill out the online reimbursement form.
- Fax- submit a claim form via toll-free fax to (877) 855-7105.
- Mail- mail a claim form to P&A Group, 17 Court Street Suite 500, Buffalo, NY 14202.